International Comparison Antea november 2014

1internationalcomparison

UPDATED INFORMATION. NOVEMBER 2014

“The content of this newsletter has been written or gathered by ANTEA and its representatives, for informational purposes only. It is not intended to be and is not considered to be legal advice, nor as a proposal for any type of legal transaction. Legal advice of any nature should be sought from legal counsel. For further advice please contact local office.”

ÍND

EX

internationalcomparisonUPDATED INFORMATION. NOVEMBER 2014

• ITALY• MEXICO• PAKISTAN• ARGENTINA• ANDORRA• AUSTRIA

• GREECE• ISRAEL• LUXEMBOURG• SPAIN• THENETHERLANDS• VENEZUELA

• GERMANY• ROMANIA• SERBIA• UK• SINGAPORE• TURKEY

• HUNGARY• AUSTRALIA• COLOMBIA• URUGUAY• CYPRUS• PORTUGAL

•REGISTRATIONFORVALUE-ADDEDTAX(VAT)

ITALYWhoisrequiredtoregisterforVAT?

Non-establishedtaxablepersons:Non-establishedtaxablepersonshavetoregisterforVATinItalyiftheyintendtomaketaxablesuppliesorservicesinItaly.IncaseofapermanentestablishmentinItalyfurtherparticularrulesareapplicable(e.g.inscriptionoftheItalianbranchintotheItalianregisterofcompanies)

WhenisVATregistrationrequired?

Theregistration is requiredbeforecarryingout taxablesuppliesorservices inItaly.

Aretherepenaltiesfornotregisteringorlateregistration?

Yes(basically100–200%oftheoutputVAT,furthersanctionsandinterestsforlatepayments),reductionscanbeobtained,buteverycasehastobeverified.Insomecases,criminallawrulesareapplicable.

IsvoluntaryVATregistrationpossibleforforeignentities?

Ifanon-establishedtaxablepersonappliesforanItalianVATnumber,theItalianTaxAuthorityasksforthereasonsoftheVATregistration.Ifthereisnoneedforregistration,theItaliantaxauthoritymightrejecttheapplicationform.

Arethereanysimplificationsthatcouldavoidtheneedforregistrationforforeignentities?

TherearespecificreversechargerulesintheItalianVATLawwhichcanavoidtheneedforVATregistrationforforeignentitiesinsomecases.

Andorra, Argentine, Australia, Austria, Bolivia, Brazil, Bulgaria, Colombia, Costa Rica, Cyprus, Chile, China, Ecuador, Egypt, El Salvador, France, Germany, Greece, Guatemala, Honduras, Hungary, India, Israel, Italy, Luxembourg, Malta, Mexico, Morocco, Pakistan, Peru, Poland, Portugal, Republic of Singapore, Romania, Serbia, Spain, Switzerland, The Netherlands, Tunisia, Turkey, UAE, United Kingdom, Uruguay, USA, Venezuela



Whichdocumentsarerequiredforregistration?AndistranslationwithorwithoutapostilleaccordingtoHagueConventioncompulsory?

Fornon-establishedtaxablepersonsfromotherMemberStates:• Applicationform;• Certificateoftheforeigncompaniesregister;• Certificateoftheforeigntaxauthority;• DescriptionoftheactivityperformedabroadandtobeperformedinItalyand

thereasonsfortheVATregistrationinItaly;• Copyoftheidentitycardofthelegalrepresentative;• Italianfiscalcode(codicefiscale)ofthelegalrepresentative.Forthetranslationoftheforeigncertificatesitisusuallynotnecessarytodothiswiththeapostille.For non-established taxable persons from outside the European Union a taxrepresentativehastobeappointed.InthiscasetheItaliantaxauthoritymayrequesttheapostilleonthecertificatesoftheforeignAuthorities.

HowfrequentlyareVATreturnstobesubmitted?

• AnnualVATreturn(dichiarazioneIVA);• AnnualcommunicationofVATdata(comunicazioneannualedatiIVA).

Arethereanyotherreturnstobesubmitted?

• Annualreturnofdata(comunicazionepolivalente)foreachclientandsupplier(i.g.FiscalCode,taxablebase,VAT);

• Intrastat(montlyorquarterly)tothecustomsauthorityregardingtheintra-communityacquisitionsandsalesofgoodsandserviceswithotherMemberStates;

• Blacklist(monthlyorquarterly)foroperationswithclientsandsuppliersinsocalled“blacklist”States,accordingtoItalianlaw.

OtherpointstobeconsideredforVATregistration?

IncaseofdistancesellingfromotherMemberStatestononVAT-registeredItaliancustomers,intheapplicationdocumentstheItaliantaxauthorityaskstodeclaretheamountsinvoicedsofarinthecurrentyearandtheprevioustwoyearswithdistancesellinginItalytonon-VATregisteredcustomers.

MEXICOWhoisrequiredtoregisterforVAT?

AllentitiesandpeoplethatdobusinessinMexico(ForinstancePE).


BeforetheystarttodobusinessinMexico.


Yes, and in some cases (And very important) the invoices issued can not bedeductiblebytheclientsresidentsinMexico.


No,It iseithertheyneed itornot, if theyneed it theyhavetohavetheVATregistration.


Notatthemoment.


Several documents, Among them articles of incorporation, birth certicate,documentsrelatedtotaxdomicileetc.translationwithapostilleismandatory.


Onmonthlybasis,thereisanannualreturntoo.


Severalotherrelatedtoincometaxandinformativeonestoo.


IngeneralalltaxresidentsinMexiconeedsVATregistration,forforeignentitiesisveryimportanttoanalize,beforetheyhaveoperationswithMexico,iftheyneedsuchregistrationornot.



PAKISTANWhoisrequiredtoregisterforVAT?

ForSupplies:• A manufacture whose taxable annual turnover exceeds Rs. 5,000,000 or

whoseannualutilitybillsexceedRs.700,000duringpreceding12months.• AretailerwhosevalueofsuppliesexceedsRs.5,000,000duringpreceding

12months.• Animporterimportingtaxablegoods.• Awholesaler,dealeranddistributor.• Acommercialexporterforclaimingrefund.• Taxableserviceprovidersliabletoregisterunderprovincialsalestax.ForServices:Registrationwillberequiredforallthepersonswhoare:• Residents• Provideanyoftheserviceslistedintherelevantprovincialacts.• FulfillanyothercriteriawhichtherelevantAuthority/Board(thegoverning

body)mayprescribe.Everyprovincehasitsownauthority/board.WhenisVATregistrationrequired?

VAT(SalesTax)registrationisrequiredwhen:• Theabovecriteriaisachieved;• Apersonwhoisnotrequiredtoberegisteredandcarriesonaneconomic

activity,canapplyforVoluntaryregistrationatanytime.• TheBoard/Authority is satisfied thataperson is required tobe registered

buthasnotappliedforregistrationtheofficermaybyorderregisterthesaidperson.


Yes,therearepenaltiesforbothnotregisteringandlateregistration.Any personwho is required to be registered fails tomake an application forregistrationbeforemakingtaxablesuppliesshallbeliabletopayapenaltyofRs.10,000or5%oftheamountoftaxinvolved,whicheverishigher.Further, ifsuchaperson fails to registerwithin60daysofcommencementoftaxableactivity,heshallfurtherbeliabletoimprisonmentforatermwhichmayextendto3yearsorwithafineequaltoanamountoftaxinvolvedorboth.Providedfurther,ifsuchapersonfailstogetregisteredwithin90daysofprovidingtaxableservices,heshallfurtherbeliabletoimprisonmentforatermwhichmayextendto1yearorwithafineequaltoanamountoftaxinvolvedorboth.


No,avoluntaryVATregistrationisnotpossibleforforeignentities.


No


Followingdocumentsare required for registrationdependingupon the typeofentity:• OriginalNTN(nationaltaxnumber)certificate• CopyofCNIC(IDcards)ofdirectors,copyofpassport,incaseofforeigners• CopyofNTNofdirectors• Applicationformdulysignedbythedirectorswiththumbimpression• Incorporationcertificate(incaseoflimitedcompany)• CertifiedcopiesofForm-A,21,29(incaseoflimitedcompany)• Bankcertificate• CopyofrentagreementwiththecopyofCNICoftheowner/rentdeedalong

withthecopyofCNICoflandlord• Businessletterhead• Copyofelectricitybill,telephonebillandgasbillofthepremises• Copyofmobilebillofcurrentmonthofdirectors• Natureofbusinessindetail• GPRSviewofthemanufacturingsite


Monthlyreturnsarerequiredtofile.


Withholding tax statements are required to file in case of withholding agent.Followingreturnsaretobefiledotherthanmonthlyreturns:• Specialreturn(ontheorderofcommissioner)• Finalreturn(forde-registrationsuchreturnshallbesubmitted)




• Apersonwhoreceivesataxableservicebutisnotaregisteredpersonshallbedeemedtobearegisteredpersonforthepurposesoftaxperiodinwhichsuchaperson:a)Receivestheservices;b)Aninvoiceforthevalueoftheserviceissenttotheperson;orc)Considerationfortheserviceispaidbytheperson;whicheverisearlier.

• Theboardshallpublishalistofregisteredpersonsonitswebsite.

ARGENTINAWhoisrequiredtoregisterforVAT?

Everypersonorentitiethatwantsto:• sellchattellocatedwithinthecountry’sterritory• work,leaseorprovideaserviceinArgentina.• Importagood• Provideaserviceoutsideofthecountry,whicheconomicusage isdone in

Argentina


Registrationisrequiredtoeveryentitiethatwantstooperateaccordingtotheconditionssetabove.Thereisnominimuminvoicingorearningsestablishedtomakeitcompulsory.


Thepenaltyisestablishedfrom50%toa100%oftheVATthatwasomitted.


Argentina’sVATlawdoesnotforeseeanylegalentitysimilartothevoluntaryVATregistration,notevenforlocalentities.


No.


Forregistration,itisrequiredtofilladocumentcalledF.420/Jwithinformationabout the entitie, a copy of the companies statute with its correspondingtranslation(ifnotinSpanish)withapostilleaccordingtotheHagueConvention(if the entitie is established in a country that agreeswith theConvention) orcertifiedbyapublicnotaryandvalidatedbyArgetineconsulate(iftheentitieisestablishedinacountrythatdoesnotagreewiththeConvention),andacopyoftheregistrationatIGJ(thegovernmentalorganizationthatrulescommercialentities).


Theyaretobesubmittedonceamonth.


Therearemonthlyinformationreturnsthatneedtobefulfilled.


TheVATpayedforexportscanberecoveredortransferredtoathirdpartyifitsurpassestheVATgeneratedbytheirtaxedoperations.



ANDORRAWhoisrequiredtoregisterforVAT?

All the individuals and the companies with an annual turnover higher than€40.000whichperformdeliveryofgoodsorrenderserviceslocatedinAndorra.


NospecificVATregistrationisnecessaryforthetaxpayersestablishedinAndorra.Nevertheless, a specific registration is required to entrepreneurs qualified astaxpayerswhicharenotestablishedinAndorraandperformactivitieslocatedinsuchterritory.Inthisregard,theAndorranVATLawforeseesthesituationswhereforeignentrepreneursareconsideredasVATtaxpayers.


TheyarenotspecificallyforeseenintheVATLaw,neverthelesstheAndorrantaxAuthoritiesareabletolevyageneralpenaltyasnotfulfillingwithallthelegalrequirements.


ForeignentitiesshouldberegisteredinAndorraforVATpurposesincasetheyperforminsuchterritoryunderapermanentestablishmentortheyareconsideredastaxpayerofactivitieslocatedinAndorra.


N/A


N/A


12monthly forms(dependingontheannualturnoverofthetaxpayer, thetaxrecordsmustbequarterlyorbiannual)


ThereisnootherreturnstobesubmittedinrelationtotheVAT


No



AUSTRIAWhoisrequiredtoregisterforVAT?

Establishedtaxablepersons:Iftotalannualtaxableturnoverexceeds€30.000,-Non-establishedtaxablepersons:IftheyperformsuppliesofgoodsorservicestaxableforVATinAustria(nothreshold);exceptservicesforwhichVATliabilityisshiftedtorecipient(reverse-charge)orexempttransportservices


There isnodeadlineforregistration,howeverpenalties(defaultsurcharge) ifVATdebtispaidtoolate


Defaultsurcharge(2%)for latepaymentofVAT,possiblyadministrativefines(upto10%)forlatehandinginofVATreturns


No,registrationispossibleonlyifperformingtaxablesuppliesinAustria


Yes:Ifnosuppliesoronlyreverse-charge-suppliesareperformed,inputVATmaybereclaimedbyspecialprocedure.

Furthermore: If only supplies subject to the reverse-charge mechanism areperformed and received (e.g. incoming invoices in building industry), no VATregistrationisnecessary


• Copyofextractofcommercialregister• Copyofdeeds/articlesofassociation• CertificateofRegistrationastaxableperson(signedbyforeigntaxauthorities)• QuestionnairefromAustriantaxauthorities• Signaturesampleform


In principle, quarterly VAT returns have to be submitted. However, if annualtaxableturnoverofprecedingyearexceeds€100.000,-,VATreturnshavetobesubmittedonamonthlybasis.


Yes,annualVATreturn(bytheendofJuneoffollowingyear,extensionofdeadlinewhenemployingAustriantaxconsultant).

GREECEWhoisrequiredtoregisterforVAT?

Eithertheofficialrepresentativeofthelegalentityorapersongiventhepowerofattorneybytheofficialrepresentativeinordertoactrelevantly.


TheVATregistrationisaccomplishedattheveryinitialstagesduringthelegalentityestablishmentprocedures.


WhenestablishingalegalentityisinevitabletoavoidVATregistration.


Except for embassies, charity organizationsor relevant legal forms, voluntaryVATregistrationisnotpossibletotakeplace.


Sincetherenoexceptions,thereareneitheranysimplifications.


Depending on the legal form of the entity and the nature of its activities.TranslationwithapostilleaccordingtoHagueConventionismandatory.


Depending on the nature of the legal entity’s activities eithermonthly (mostusual)orquarterly.


IncaseoftransactionsbetweenEUlegalentities,thereturnsfromVISstatementsaswellasfromstatementsdependingonthegoodsimported/exported,mustbesubmitted.



ISRAELWhoisrequiredtoregisterforVAT?

VATisimposedforbusinessaction,andimportofgoods,inIsrael.


• Israeliresident:immediately.• Foreign resident: foreign resident with taxable business activity in Israel

mustberegisteredwithin30days,andupdateauthoritieswithregardstohisfiscalrepresentativeinIsrael.


• TaxcanbedeterminedbydecisionofVATauthorities.• Booksdisqualification.• Fines,interestandlinkage.• Etc.


No.


• Thepayercanpayvatonoutputonbehalfoftheserviceprovider,andtheservice provider is not obligated to be registered, butwill not be able todemandvatoninput.

• Thepayercanissuetaxinvoiceonbehalfoftheserviceprovider,andpaythevatonhisbehalf.Theserviceprovidercandemandvatoninput.


Forforeignresident• CompanyincorporationdocumentinIsraelandabroad.• Personaldetailsofauthorizedsignatories.• Passportofcompanymanagers.• Writtenrequest:detailsregardingtheactivityinIsrael.• AgreementwithIsraeliclients.• OfficialapproveofopeningbankaccountinIsrael.• PersonaldetailsoffiscalrepresentativeinIsrael.• Allabove–translatedtoHebrewandApostille.


• 30days/90days/180days,ormore.


No.


Foreignresidentmustestablishafiscalrepresentative,andactivatehisbusinessactivityasbyforeigncompanyorIndependenty.



LUXEMBOURGWhoisrequiredtoregisterforVAT?

In principle, any business entity or individual established in Luxembourg thatcarriesouteconomicactivities independentlyandregularly isdeemedtobeataxablepersonforVATpurposesandshouldberegisteredforVATpurposesinLuxembourg.

Morespecifically,thefollowingmustregisterforVAT:• any person established in Luxembourg who starts a taxable activity and

expectsannualturnovertoexceedEUR25,000;• any person who is not established or domiciled in Luxembourg, but who

carriesouttransactionssubjecttoVATinLuxembourgsuchastheoccasionalandtemporaryprovisionofserviceswhatevertheturnover;

• anypersonwho is taxable inprinciplebutexempted fromregistration forVATaswellasany legalpersonnotsubject toVATwhocarriesout intra-Community acquisitions of goods, for an annual amount exceeding EUR10,000;

• any taxable person, established in Luxembourg, who only carries outeconomicoperationsthatdonotgiverisetoarightofdeductionandwhopurchasesservicesfromataxablepersonestablishedabroad,forwhichtheservicebuyerisliablefortax;

• any taxable person, established in Luxembourg, who only carries outeconomicoperationsthatdonotgiverisetoarightofdeductionandwhoprovidestaxableservices,inanotherEUMemberState,forwhichtheservicebuyerisliableforthetax;

• anypersonestablishedinLuxembourg,subjecttotheagriculturalandforestryflat-ratetaxationandwhodeliversalcoholicbeveragesorwoodforanannualamountexceedingEUR25,000;

• anypersonestablishedandregisteredforVATinanotherEUMemberStatewhocarriesoutdeliveriesofgoods, includingthedispatchortransport,topersonsnotregisteredforVATandestablishedordomiciledinLuxembourg,foranannualamountexceedingEUR100,000.


VATregistrationmusttakeplace:• within15daysofthestartoftheactivityfortaxablepersonsthatarenot

exemptfromregistration;• beforethefirstdayofthemonthfollowingthemonthwherethetaxexemption

limitisexceeded(duringthesamecalendaryear);• fortaxablepersonsexemptfromregistrationandforlegalpersonsnotliable

forVAT,beforethefollowingoperationsarecarriedout:• provisionofservicesinanotherEUMemberStateforwhichonlythebuyeris

liableforVAT;• intra-CommunitypurchaseofgoodssubjecttoVATinLuxembourg;• purchase of services from providers established outside Luxembourg and

wherethebuyerisliableforVAT.Aretherepenaltiesfornotregisteringorlateregistration?

A penalty of between EUR 50 and EUR 5,000may be assessed for late VATregistration.Besides,absenceorlatepaymentoftheVATduemaygiverisetoanadditionalpenaltyamountingto10%oftheentireVATdue.ThispenaltyshallalsoapplytoanyotherinfringementofLuxembourgVATrequirements.Moreover,anypersonwhohasfraudulentlytriedtoavoidthepaymentofVATorhasillegitimatelyrecoveredVATispunishablebyapenaltyof10%ofthesumoftheevadedVAT.


No.




VAT representative.TaxablepersonsperformingimportsofgoodsinLuxembourgandsubsequentsales/processingwhichareneitherestablishednorregisteredforVATpurposesinLuxembourgmayappointaVATrepresentativeinLuxembourg.

VATregistrationisnotrequiredinthecaseofcertainsupplies.• Triangulation. If a business is an intermediate supplier to a Luxembourg

buyer of goods which it purchases from a business registered for VAT inanotherEUMemberStateandthegoodsaredelivereddirectlyfromtheretoLuxembourg,VATduecanbeaccountedforbytheLuxembourgcustomer.

• Reverse charge for services.ThesupplyofservicesbyaforeignsuppliertoaLuxembourgtaxablepersonthatfallsunderthereversechargemechanism.Assuch,therecipientofthesupplymustaccountforthetax.


InordertoregisterforVAT,thetaxablepersonhastosubmitaninitialdeclarationoradeclarationofoption(ifregistrationisoptional)correspondingtohissituationtothecompetenttaxoffice.

Forlegalpersons(companies),theinitialdeclarationmustbeaccompaniedby:• acopyoftheconstitutionaldocumentsinFrenchorGerman;• a copyof the identity card (orpassport)of thepartnersappearing in the

constitutional documents and/or the business managers/directors of thecompany.

Fornaturalpersons,thedeclarationmustbeaccompaniedby:• acopyoftheidentitycard/passportofthetaxableperson.


Each taxable personmust submit periodic returns with regard to the annualturnoverachievedoverthepreviousyear:• IftheturnoverisbelowEUR112,000,anannualreturnisrequired.• IftheturnoverisbetweenEUR112,000andEUR620,000,quarterlyreturns

andanannualreturnarerequired.• IftheturnoverishigherthanEUR620,000,monthlyreturnsandanannual

returnarerequired.

AllbusinesseswhicharerequiredtosubmitVATreturnsonamonthlyorquarterlybasismustsubmitanannualsummaryVATreturnaswell.Theduedatefortheperiodicreturnsisthe15thdayofthemonthfollowingtheendofthereturnperiod.Theduedatefortheannualreturnis1stMayofthefollowingyear.


• Intrastat Declarations

VATregisteredbusinesseswithavalueofdispatchesorarrivalstoorfromotherEUMemberStates,whichexceedathreshold(EUR150,000percalendaryearfor thedispatches, EUR200,000per calendar year for the acquisitions)mustcomplete Intrastat declarations each month. Separate reports are requiredfor intra-Community acquisitions (Intrastat Arrivals) and for intra-Communitysupplies(IntrastatDispatches).

• EU Sales Lists (ESL) for goods and/or services

Inprinciple,VATregisteredbusinessesperformingintra-CommunitysuppliesofgoodsmustsubmitanESLforgoodsonamonthlybasisbythe15thdayofthemonthfollowingtheendofthemonth.However,ESLsforgoodsmaybesubmittedquarterlyifthethresholdofEUR50,000ofintra-CommunitysuppliesofgoodstootherEUmemberstatesisnotexceededduringtheconcernedquarterorduringthe fourpreviousquarters.Foraquarterlyfiling, theESLs forgoodsmustbesubmittedbythe15thdayofthemonthfollowingtheconcernedquarter.

ESLs are also mandatory for the supply of services which are rendered byLuxembourgtaxablepersonstoVATregisteredbusinesscustomersestablishedinotherEUMemberStatesandwhicharenotVATexemptinthoseMemberStates.Thetaxablepersoncanmakesubmissionsonamonthlyorquarterlybasis(nothreshold).ThefrequencyforESLforservicesisnotlinkedtotheperiodforfilingESLforgoods.


Beforeregistering forVAT,businessesmusthaveopenedabankaccountoradirectdepositaccount(CCP)ataLuxembourgorforeignbank.



SPAINWhoisrequiredtoregisterforVAT?

1.BusinessorprofessionalwhodelivergoodsorprovideservicesorcarryoutintracommunityacquisitionssubjecttoVAT.

2.Businessrecipientofgoodsincaseofreversecharge.3.EntitiesnotnecessarybusinessorprofessionalthatcarryoutintracommunityacquisitionssubjecttoVAT.


Within30daysofthedatefromwhichtheactivitystarts.


Yes,sanctionscanbeimposed.


No,itiscompulsory.


No.


1.Spanishindividuals:• DNIcopy(identitycard).• Abroadresident:-Passportcopy.-Documentthatjustifyabroadresidence.

2.Foreignerindividuals:• NIEcopy(identitynumberofforeignercard).

3.Entitiesorcompanies• Incorporationpublicdeed.• Legalstatutesorequivalentdocument.• Certificateofinscriptioninapublicregister.

4.-Iftheapplicationisthroughalegalrepresentant:• NIFoftherepresentant.• Justificationoftherepresentationdulysworntranslatedandapostilled.


• Quarterly303return:(April,July,OctoberandJanuary).• Monthly 303 return: compulsory for companieswhich turnover exceeds 6

millionEurosandcompaniessubjectedtothespecialregime(REDEME)thatallowstotheentitiesregisteredinittoperceivetheVATrefundsmonthly.

• Yearly390return:summarize



THENETHERLANDSWhoisrequiredtoregisterforVAT?

EverybodythatperformsVATtaxableactivities(import,export,supplyofgoodsorservices)intheNetherlandsorisdeemedtoperformtheseactivitiesintheNetherlands.


• ForDutchresidents,immediatelyuponincorporationorstartofanenterprise.• For permanent establishments, upon the start of the business in the

Netherlands.• ForcompaniesinEUcountriesthatsellgoodstoDutchcustomers(individuals),

whenathresholdof€100,000inayearisexceededforthefirsttime.• InallothercasesassoonasthefirstVATtaxablehasbeenperformed.


Yes


Yes,forcompaniesfromnonEUcountrieswhowanttoreclaiminputVAT.


IfVATiscorrectlychargedinreversetoaDutchcompany,aforeigncompanydoesnothavetoregisterintheNetherlands


• Copyofapassport(incaseofindividuals)• Copyofthearticlesofincorporation(inDutch,GermanorEnglish)• Atranslationofthearticlesofincorporationincaseofotherlanguages;no

apostillerequired• Completedregistrationform

Inadditionforforeigncompanieswithoutapermanentestablishment:• DeclarationofforeigntaxauthoritiesthatthecompanyisregisteredforVAT

purposes


VATreturnsneedtobefiledonaquarterlybasis.Onecanchoosetofileonamonthlybasis,forinstanceiftheinputVATregularlyexceedstheVATpayable.


• DeclarationsofIntraCommunitysuppliesmayneedtobefiled.• Intrastatreturnsmayneedtobefiled,ifthethresholdof€900,000ineither

importorexportisexceeded.• Ifapermanentestablishment isrecognized intheNetherlands,an income

taxreturnhastobefiled.• Incaseofimporting,acustomsdeclarationmayberequired



VENEZUELAWhoisrequiredtoregisterforVAT?

Thosewhosellgoodsinthecountry;importers;independentprovidersofservicesperformedorusedinthecountry;exportersofgoods;andserviceexportersarerequiredtodeclaretheVAT,butdoesnotexistaVATregistry.ThereisjusttheRegisterTaxInformation(RIF).


Statementsshallbesubmittedmonthly.Inthecaseofspecialtaxpayers(thoserankedbytheTaxAdministration)mustfulfillatimetable.


Maximum200U.T.=Bs.34.000,00=US$5.400,00


Shall register in theRegisterTax Information (RIF),not residentordomiciledin the Bolivarian Republic of Venezuela entities, which have no permanentestablishmentorfixedbasewhenconductingeconomicactivitiesinthecountryorholdingsensitivegoodstobetaxedinVenezuela.


Notparticularly,butfortheRIF,theregistrationprocessissimple.


Documents: The charter of organization, translated into Spanish by publicinterpreter,andwiththeHagueApostille.Copiesofpassportsoftheshareholders(allthepages).


Monthly


Theincometax(ISLR)



GERMANYWhoisrequiredtoregisterforVAT?

Germanentities• All German entities, except for non-taxable legal entities and small

entrepreneurs(totalofsupplies in thepreviousyearnotexceeded17,500EURandinthecurrentyearpresumablynotexceeding50,000EUR)

• Exemptionof theexemption: If theseentitiesacquiredgoods inotherEUMemberStates(withtransporttoGermany)intheprecedingyearinexcessof12,500EURor if thisamountwillbeexceededduringthecurrentyear,registrationisrequiredandVATreturnmustbesubmitted.

Non-Germanentities• SameregistrationrulesasforGermanentities,• buttheexemptionforsmallentrepreneursdoesnotapplyfornon-resident

taxpayers.• Registration becomes mandatory, if a foreign business sells and delivers

goodstonon-registeredcustomersinGermany,andthevalueofthosegoodsexceedsathresholdof100,000EURintheprecedingorcurrentyear


Thereisnodeadlineforregistration,butpromptnessshouldbeconsidered.


TherearenopenaltiesforfailingtoregisterforVATintime.Ontheotherhandlatepayment(1%ofoutstandingVATmultipliedbythemonthsoverdue)orlatefiling(upto10%ofthenetVATliability,butnomorethan25,000EUR)mayleadtopenaltiesandinterestonoutstandingVAT.Repeateddelaysinfilingandpaymentaretreatedasfiscalfraud.


ThereisnoconceptofvoluntaryregistrationinGermanVATlaw.


• Reversechargeservices• TriangulationwithanEU-memberasanintermediatesuppliertoaGerman

purchaser, and the goods are carried from another EU Member State toGermany.


• Articleofassociation• Questionnaire for fiscal registration (includes information, such as: bank

details, estimated fee income, legal status of the company, place ofregistration,fulladdressoftheheadoffice)

• Associate(s)withaddress• DocumentsneedtobefilledinGermanorEnglish.• TranslationwithapostilleaccordingtoHagueConventionisnotnecessary.


• Newbusinessmonthly(fortwoyearsmaximum)• Annual,ifthetaxliabilityforthepriorcalendaryeardidnotexceed1,000EUR• Quarterly,ifthetaxliabilityforthepriorcalendaryeardidnotexceed7,500EUR• Monthlyinallothercases


• EuropeanSales List (ESL)also statingany intermediate suppliers sales incontextofintra-CommunitytradeaswellasanytaxablesuppliesofservicesexecutedinotherEUMemberStates,iftheB2Bruleisapplicable.

• IntrastatSupplementaryDeclarationswithavalueofdispatchesordeliveriestoorfromotherEUMemberStates,whichexceed500,000EURpercalendaryear:monthlyrequired


VATreturnsandotherdeclarationshavetobetransmittedelectronically.



ROMANIAWhoisrequiredtoregisterforVAT?

Allentitieslocal&foreignwithtaxableactivities


Whenthresholdexceed€65000


Yes, approx. 120 Euro for delay of each tax declaration+interest for delayedpayments


Yes


No


vatregistrationformsignedoriginallybydirectorsorsecretaryIncorporationcertificateShareholders&directorsCertificateRegisteredofficecertificateAgreement


VATreturnsarequarterlysubmittediftheturnoverislessthan100.000Euroandnointra-communityacquisitionsofgoods;otherwise,monthlyVATreturns


Vies&intrastatforarrival&despatchgoodswithineusubmittedmonthly

SERBIAWhoisrequiredtoregisterforVAT?

Ataxpayerwhointhepast12monthshasatotalturnoverinexcessof8,000,000dinars


Nolaterthantheexpiryofthefirstdeadlineforthesubmissionofperiodictaxreturn


Yes,penaltiesforlateregistrationarefrom100,000to1milliondinars


VoluntaryVATregistrationispossibleonlyforregisteredforeignentitiesundersamerulesthatapplytodomesticentities.


No


Forall:registrationformEPPDVForturnoverabove8mil-documentwhichclearlycandeterminetheamountoftherealizedtotalturnoverinthepreceding12monthsFornewentities:copyofdecisiononregistrationintheRegisterofCompanies


DeadlinesforsubmittingVATtaxformsinSerbiaaremonthlyandquarterly.Fornewtaxpayerstaxperiodinfirsttwoyearsisonemonth.Changetoquarterlytaxperiodispossibleafterthatperiod.Taxpayerswithmorethan50milrsdturnoverinlast/following12monthsalsosubmittaxreturnformsmonthly.


ExceptobligationtosubmitIEPDVformforchangeofimportantdata(nameofcompany,address,phonenumber,activitycodeetc)therearenootherobligationfortaxreturn.Still,insomecases(i.e.“mostlyexporters”etc)somesupplementaryformscanbeneeded.



UKWhoisrequiredtoregisterforVAT?

Anyentitywhohas(orintendstohave)trading/taxableactivity.


WheretaxablesuppliesmadeexceedthecurrentVATregistrationthresholdof£81,000forbusinessestablishedintheUK.Distanceselling–oncesalesexceed£70,000Acquisitions–oncevalueexceedscurrentthreshold,£81,000Reversecharge–oncevalueexceedscurrentthreshold£81,000Fornon-UKestablishedbusinessassoonastradingstartsintheUK.


Yes,apenaltyisimposedforlateregistration.Thisisagradedpenaltyappliedtothenetliabilitydueatthedateofregistration(calculatedfromwhenregistrationwasrequired)andisasfollows:Upto9monthslate–5%9-18months–10%Over18months–15%


IfnotestablishedintheUKcompulsoryregistrationisrequiredassoonastradingactivityintheUKstarts.Thiswasarulechangeboughtintoeffectfrom01/12/12.If established in the UK compulsory registration once threshold exceeded.VoluntaryregistrationavailableiftaxablesuppliesarebeingmadeoranintentiontomaketaxablesuppliesintheUK.


Yesforgoodsandservices:a)GoodsTriangulationwhereintermediaryisEUbased&issupplyingUKcustomerwithgoodsfromEUsupplier.Calloffstock–UKcustomercontrolsstockforthemselvesfromEUsupplierandtreatsasacquisition.Supply&Install–EUVATregisteredsupplierwhoisnototherwiserequiredtoberegisteredforVATintheUK.UKcustomertreatsasanacquisition.b)ServicesPlaceofsupply–extensiontoreversechargeforserviceswherethePOSistheUKielandrelatedtransactions.


OtherdocumentationisnotrequiredtobesubmittedwithanapplicationhoweverHMRCmayrequestfurtherinformationaspartoftheregistrationprocess.Adetailedapplicationisrequiredwhichrequeststhefollowing:CompanyinformationAuthorisedsignatorypersonaldetailsUKbusinessbankdetailsBusinesscontact/addressdetailsTradingactivitydescriptionDetailofrelatedUKbusiness/VATregisteredentitiesEstimatedfeeincomeandEUtradingfigures.


Usually quarterly. If in a regular repaymentpositionmonthly returns canberequested.Annualaccountingisavailableforthosewithaturnoverbelow£1,350,000.Thisallowsthesubmissionofanannualreturn(10paymentsaremadeonaccountthroughouttheyear).


ECSaleslistsforgoodsandservicesIntrastatSupplementaryDeclarations


VATreturnsarerequiredtobesubmittedonlinethroughHMRC’swebsite. Anonlineaccountisrequiredtobesetup.AtaxrepresentativeisabletosetuptheaccountandsubmitreturnsontheVATregisteredentitiesbehalfiftheywish.



SINGAPOREWhoisrequiredtoregisterforVAT?

• Businesseswhosetaxableturnoverforthepast4quartersexceed$1milperyear;

• Businessesthatintendtomaketaxablesuppliesandcanresonablyexpecttheirtaxableturnovertobemorethan$1milinthenextyear(12months)


Within30daysofthedatefromwhichregistrationliabilityarises


Yes.Thebusinesswouldbeliabletoafineofupto$10,000andapenaltyequalto10%ofthetaxduefromthedateonwhichthebusinessisrequiredtoapplyforGSTregistration


An overseas entity is one that is not a resident in Singapore and/or does not have an established place of business in Singapore.

Yes.ForeignentitiesmaychoosetoregisterforGSTvoluntarilysoastoclaimGSTpaidonimports.


AnyemployeesorthirdpartieswhohasbeendulyauthorisedtouseotherIRASe-ServicescanapplyforGSTregistrationonlineviamyTaxPortal.Processingofapplicationtakes2workingdays.ForeignentitiesmayappointaGST-registeredSingaporeagentwhowill importandsupplygoodsontheirbehalf.Thisagentisresponsibleforthegoodsasifheistheprincipal.Hewill importgoodsintoSingapore inhisname.Subsequentsupplyof thegoodswillbetreatedashistaxablesupplies.


Documentstobesubmittedaccordingtothetypeofbusiness.

Online-myTaxPortal

Paperform


Monthly/Quarterly/HalfYearly


No.


• Sole-Proprietor/ Partner/ Director/ Trustee of a business is required tocompletethee-learningcourse“GST-BeforeIRegister”anditsquizbeforeapplyingforvoluntaryregistration

• Youmaybe required toprovideasecuritydepositwhenapplying forGSTregistration



TURKEYWhoisrequiredtoregisterforVAT?

Legalandnaturalpersonsconductingbusinessactivitiesthatsubjecttopersonalandcorporationincometaxes


Beforeconductingbusinessactivities


Noncompliance with registration requirement results in tax fines, one is apredeterminedamountofaproceduralfine;otherisataxfinethatisdeterminedonthebaseofthetaxliabilitycalculatedbythetaxoffice.


NospecificvoluntaryVATregistrationforforeignentities.Onlyincasesofsomebusinessactivitiesthatare limitedwiththetransactionsthatareexemptfromVATmayenjoyvoluntaryregistration


There are no simplifications for registration, only those who do not have apermanentestablishmentinTurkey,wouldbesubjecttoVATbywithholding


NotarizedsignaturelistoftherepresentativeResidencecertificateoftherepresentativeinTurkeyCopyofcompanycharter(forcorporations)Proofofhavingaplaceofbusiness(rentalcontractetc)IDoftherepresentativeNotarizedboardofdirectorsdecisionaboutestablishingaplaceofbusinessApostilleisarequirementforcompanycharterandBoDdecision


Monthlyandquarterly


Non

HUNGARYWhoisrequiredtoregisterforVAT?

Whosalesproductsorservicetosomeone.


Whentheactivitiesstarts.


Yes,therearepenalties.


Yes,itispossible.


Wehavenosimplifications.


For company: certificateof incorporation original or copywith apostille, taxcertificate (noearlier than30days), specimensignatureofgeneraldirectors(original-withapostilleofnotary),IDcopies,attorneytorepresent.


Monthly,quarterly,annual.


Itdependsonactivities.


ThereareverydetailedVATregistration-formwhenthecompanyareestablished.For.ex.forfinancialactivities,forproperties,etc.



AUSTRALIAWhoisrequiredtoregisterforVAT?

Youarerequiredtoregisterifyou:• runabusinessorenterprise(s9-20oftheGSTAct1999);and• yourcurrentorprojectedGSTTurnover(s188-15)is$75,000ormore(the

notforprofitorganizationthresholdis$150,000ormore).

Youmustalsoregister(regardlessofturnover)ifyouwishtoclaimfueltaxcreditsorprovidetaxitravel.


Youneedtoregister ifyourturnoverexceedsthethresholdoryoureasonablyexpect it too. You are required to register within 21 days after reaching thethreshold.


FailuretoregisterforGSTcanincurapenaltyof20penaltyunits.Currentvalueofpenaltyunitsasdefinedbysection4AAoftheCrimesAct1914.Currentlythepenaltyis$3,400.IfanyGSTispayabletheAustralianTaxationOffice(ATO)mayimposefurtherpenaltiesandinterestchargesinaccordancewiththelengthoftheperiodofnon/latepayment.


VoluntaryregistrationcanbeelectedbyanyentitycarryingonanenterpriseandmakingsaleofgoodsorservicesthatareconnectedwithAustralia,whetherinoroutsideofAustralia.

IfyouregisterforGSTyouarealsorequiredtopayGSTonyourtaxablesales.Arethereanysimplificationsthatcouldavoidtheneedforregistrationforforeignentities?

IfyouarecarryingonanenterpriseandmakingsaleofgoodsorservicesthatareconnectedwithAustraliaandyoumeetthepreviouslymentionedcriteriayoumustregisterforGST.


YoucanregisterforGSTby:• callingthe(ATO);• completingtheapplicablepaperform;or• onlineifyouhaveaBusinessportalaccountwithanAdministratorAUSkey.

YoucanalsoaskaregisteredtaxagentorBASagenttoundertakeyourregistration.

Thepaperformsrequireddependontheentitytype:• ABNregistrationforindividuals(soletraders)(NAT2938)• ABNregistrationforcompanies,partnerships,trustandotherorganisations

(NAT2939)• Addanewbusinessaccount(NAT2954)

Non-residentsarerequiredtoprovideevidenceof:• Identity;and• Carryingontheenterpriseforwhichtheyareseekingregistration.

Thefollowinglinkprovidesfurtherdetailofthedocumentationrequired-https://www.ato.gov.au/Business/International-tax-for-businesses/Indetail/Doing-business-in-Australia/Proof-of-identity---for-individualsand-businesses-resident-outside-Australia/

DocumentsmustbeinEnglishortranslatedintoEnglish.Thetranslationmustbecertifiedastrueandcorrectbyanauthorisedtranslationservice.




LodgmentfrequencyvariesdependinguponGSTturnoverandotherrequirementsasdeterminedbytheATO(e.g.thoseparticipatinginadeferredGSTscheme)asfollows:

Monthly–GSTturnover>$20million

Quarterly–GSTturnover<$20million

Annually– Ifyouvoluntarily registerandyouhavenoelected topaybyGSTinstallments

Anentitymayelecttoreportonamorefrequentbasisbuttheycannotelecttoreducethefrequencyoftheirlodgments.


No.

COLOMBIAWhoisrequiredtoregisterforVAT?

All those individualsorcorporationsbelonging to thecommontaxsystemareobligatedtoenrollintheSingleTaxRegistry(RUT)wheretheywillbeassignedtheobligationtobill,recover,collect,reportandpayVATtotheNationalTaxandCustomsDirection(DIAN).


Theregistrationisrequiredwhenindividualsorcorporationsmeettherequirementsforinvoicing,andareengagedinsellingtangiblegoodsorservices,andalsoallthoseengagedinexports,importsorcustoms.


Yes,theyareofeconomicnature,aswellastheclosureofestablishments,officesorclinics.


Branches, or foreign entities established in the country to develop operationsmustenrolltoavoidsanctions.


If the foreign companyhasno operations in the country it is not required toregister


TocomplywithallformaldutiesforthecreationofacompanybeforeaChamberofCommerce,anditsrequirementsareasfollows:• SingleTaxRegistry(RUT)• To process the Unique Business Registration (RUE) in the commercial

registrationoftheChamberofCommerce• CommercialRegister• Contractorunilateralactthatconsistofaprivatedocument• Openingofbankaccounts• Draftingbylawsandsigningofarticlesofincorporation


• If the companybeganoperations in the samefiscal year it is required todeclareandfileVATbimonthly.

• Startingon thesecondyear,andbasedongross revenues itwouldbeas

follows:

• Files annually with advances every four months, if income is below15,000TaxValueUnits(UVT)

• Files every fourmonths, if income is above 15,000UVT and below92,000UVT

• Fileseverytwomonthswhenincomeisabove92,000UVT• UVT is a Taxable Unit that changes every year. UVT 2014: 1 UVT =

27.485COP



URUGUAYWhoisrequiredtoregisterforVAT?

Alltaxpayers(companies, individualsprovidersofpersonalservices,etc),arerequiredtoregisterandpaythebalanceresultingfromthesettlementofVAT.


AtthebeginningofthetaxableactivitiesbyVAT.


Yes,therearelateforlateregistration.


Yes,foreignentitiescanregistervoluntarily.


Iftheforeignentityistaxpayer,thereisnosimplification.


Alldocumentswhichbackuptheformationoftheentityanditisrepresentativesarerequired.


VATreturnsarepresentedonceayearoreverymonth,dependingonthetaxpayer.


Intheorytherearenotothers.


Exceptinspecialcases,noother


For the sales tax there is only adeclarationofVAT, and it has threeperiodicpresentationsasalreadystatedinthepreviousitem.

ArethereotherpointstobeconsideredforVATregistration?

Besidesthosementionedaboveitmustbetakenintoaccount,thatthecompanybecomesaVATwithholdingagentforpeopleofthesimplifiedregime.



CYPRUSWhoisrequiredtoregisterforVAT?

Allentitieslocal&foreignwithtaxableactivities


Whenthresholdexceed€15600


Yes€85permonth


Yes


No


vatregistrationformsignedoriginallybydirectorsorsecretaryIncorporationcertificateShareholders&directorsCertificateRegisteredofficecertificateAgreement


VATreturnsarequarterlysubmitted


Vies&intrastatforarrival&despatchgoodswithineusubmittedmonthly


N/A



PORTUGALWhoisrequiredtoregisterforVAT?

Anyentitywhocarriedout(orintendsto)trading/taxableactivity.


VATregistrationisrequiredifabusinesscarriesouttaxablesuppliesinPortugal.PortugueseVATregistrationisalsorequirediftheturnoverexceedsEUR10.000.

DistanceSales–AbovethethresholdEUR35.000,aforeignentityisrequiredtoregisterandaccountforVATinPortugal.


Severalpenaltiesareapplicable.


OptionalVATregistrationispossible.Businesseswhich are not established in the EuropeanUnion,must appoint aVAT representative with joint and several liability for the delivery of the VATobligations.


IfthecustomerisregisteredforVATpurposesinPortugal,generallytheobligationtoaccountfortheVATduecanbeshiftedtothecustomer.

Goods

Triangulation: If an intermediary is EU-based business, supplying Portuguesecostumer with goods, which are purchased from EU-based business and aredeliveredfromtheredirectlytoPortugal,VATduecanbeaccountedforbythecustomerinPortugal.

Call-Off/ConsignmentStock:Nosimplificationisapplied.

SupplyandInstall:IfabusinesssuppliesgoodsandinstallsorassemblestheminPortugal,itscustomercanaccountforanyVATdueasanacquisition.

Services

Reversecharge:acompanyisrequiredtoaccountforanationalamountofVATasoutputtax,onitsVATreturncoveringtheperiodinwhichitmadethepayment,anditrecoverthisVATasinputtax,onthesamereturn.


Adetailedapplicationisrequiredwhichrequests,atleast,thefollowing:CompanyinformationAuthorisedsignatorypersonaldetailsPTbusinessbankdetailsBusinesscontact/addressdetailsTradingactivitydescriptionEstimatedturnoverincome.DeclarationsofcommencementoftradingforVATpurposes.Before submitting the above declaration, a foreign company with regularbusinessactivitiesinPortugal,regardlessofwhetherornotithasapermanentestablishment on Portuguese territory, wishing to obtain a VAT identificationnumber,shouldapplytoNationalRegistryofCompanies(RNPC – Registo Nacional de Pessoas Colectivas).Foreigntradersmustsubmitanextractfromthetraderegistryoftheircountryof origin and complete a form obtained from their national registry of legalpersons.ThesedocumentsarevalidifwrittenatleastinEnglish.Ifnot,acertifiedtranslationtoPortugueseisrequired.

Iftheapplicationissubmittedbythecompany’slegalrepresentative,heorshemustsubmittherelevantpowerofattorney.




UsuallybusinessesarerequiredtosubmitVATreturnsonamonthlybasis.

IftheestimatedannualturnoverislowerthanEUR650,000,ataxableentitymayopttosubmitquarterlyVATreturns.

AnannualsummaryVATreturnshallbealsosubmittedandanannuallistingofnationalclientsandsupplierswithwhichthetotaltransactionsintheyearexceedEUR25.000.


EuropeanSalesList–recapitulativestatements:onamonthlyorquarterlybasis.

DeclarationonSuppliesinAutonomousRegions-MadeiraandAzores:MainlandVAT registered tax payerswho supply goods and/or serviceswithin the fiscalboundariesofMadeiraandAzoresmustdeclaretheseonaseparatereturntobeattachedtotheordinaryperiodicVATreturn.

IntrastatSupplementaryDeclarationsOtherpointstobeconsideredforVATregistration?

VATreturnsarerequiredtobesubmittedonlinethroughTaxAuthority’swebsite.Anonlineaccountisrequiredtobesetup.Ataxrepresentativeorthecharteredaccountant(internaloroutsourcing)isabletosetuptheaccountandsubmitreturnsontheVATregisteredentitiesbehalfiftheywish.

ANDORRAARGENTINEAUSTRALIA

AUSTRIABOLIVIABRAZIL

BULGARIACOLOMBIA

COSTA RICACYPRUSCHILECHINA

ECUADOREGYPT

EL SALVADORFRANCE

GERMANYGREECE

GUATEMALAHONDURASHUNGARY

INDIAISRAELITALY

LUXEMBOURGMALTA

MEXICOMOROCCO

THE NETHERLANDSPAKISTAN

PERUPOLAND

PORTUGALREPUBLIC OF SINGAPORE

ROMANIASERBIASPAIN

SWITZERLANDTUNISIATURKEY

UAEUNITED KINGDOM

URUGUAYUSA

VENEZUELA

International Comparison Antea november 2014

Documents

Transcript of International Comparison Antea november 2014